Other ABS


Third Hero PACE Bond Prices Tighter

HERO 2015-1 is the third PACE ABS to come to market, increasing total issuance in the space to $473 million. Kroll Bond Ratings has rated all three transactions and Deutsche Bank was the lead manager on the deals.

Entergy New Orleans: Storm Recovery Bond to Be $88M-$99M

The asset-backed is due out in June or July. The company said doing a securitization translates to steep cost savings, alleviating the pressure to raise electric rates.

WRCOG Preps Another, More Diverse PACE Securitization

The major difference between this transaction and the previous one is the inclusion of 10 new California counties representing 2.3% of the collateral.

BofAML: Plenty of Euro ABS For More ECB Purchases

BofA Merrill analysts dispute that the ECB is making timid purchases of securitization because there isn't enough available. The bank could buy more by bidding aggressively in BWIC auctions.

Zurich Insurance Marketing As-Yet Unsized Repack

The transaction, dubbed Willow No.2, securitizes subordinated notes issued by the Swiss mult-iline insurer, according to Standard & Poor's.


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Volcker Rule Extension for CLOs Comes with Big Catch

A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.

CLO Pros See No Letup in Demand

Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.

Babson CEO Finke: CLOs Often Unfairly Judged

Finke says the industry needs to address the lack of understanding about its performance and role in the economy.

Cutting Solar Funding Costs

Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.

Still No Volcker Relief for CLOs

Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.


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In the news: European CLO Managers' Lament: No Market for Sterling Tranches

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How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

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